Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
We start off the day with NFIB Business Optimism Index (Oct) at 5;00 A.M., Fed Bullard Speech at 6:50 A.M., PPI MoM & YoY (Oct) and Core PPI MoM & YoY (Oct) at 7:30 A.M., Redbook YoY (06/Nov) at 7:55 A.M., Fed Powell Speech at 8:00 A.M., NY Fed Treasury Purchases TIPS 7.5 to 30 yrs. at 8:30 A.M., Fed Daly Speech at 10:35 A.M., USDA Supply/Demand, Crop Production and WASDE at 11:00 A.M., 10-Year Note Auction at 12:00 P.M., fed Kashkari Speech at 12:30 P.M. and API Energy Stocks at 3:30 P.M.
On the Corn Front moving ahead to the November WASDE and USDA reports we should see a Rock’em Sock’em Robots in the market today. The USDA reported yesterday that harvest is near completion but slightly below its average pace. The games begin at 11:00 A.m. In the overnight electronic session the December corn is currently trading at 554 ½ which is 3 cents higher. The trading range has been 556 ½ to 550 ¼.
On the Ethanol Front the Department of Energy’s Office of Energy Efficiency and Renewable Energy announced its intent to issue a second funding opportunity to support scale-up biofuel and bioproduct biorefineries. The ethanol futures continue showing no open interest.
On the Crude Oil Front the market is treading water as we await the API data. The lack of any energy policy has traders on edge. They are wondering if the administration will release the Strategic petroleum Reserve (SPR’s) for a short-term fix. In the overnight electronic session the December crude oil is currently trading at 8203 which is 10 tics higher. The trading range has been 8282 to 8178.
On the Natural Gas Front Russia keeps Europe guessing with tight gas supplies heading into winter and the U.S. won’t share Europe’s natural gas woes this year, says the gas pipeline chief. This means a hit to the export market as the U.S. wants to have enough natural gas to keep homes warm and factories running this winter. The market did not act favorably to the news with the December natural gas currently trading at 5.202 which is 0.025 lower. The trading range has been 5.467 to 5.186.
Have A Great Trading Day!